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Mark Cuban explains how Trump's immigration order could 'dramatically' change doing business

Mark Cuban
Melody Hahm | CNBC
Mark Cuban

Mark Cuban warned on Wednesday that President Donald Trump's executive order on immigration could damage American business, following backlash from key corporate leaders who pledged to fight the measure.

Trump signed the order late Friday. It indefinitely bars Syrian refugees from entering the country, suspends all refugee admissions for 120 days and blocks citizens of the seven majority-Muslim countries from entering the country for 90 days. It prompted criticism from lawmakers who said it could hurt rather than help the fight against terrorism.

Confusion ensued after its passing, as some permanent residents were detained at airports and protests emerged around the country. The White House has defended it as necessary to properly vet people who come from countries with terrorism concerns despite any inconvenience it causes people.

"I'm concerned. I'm very concerned the travel ban changed the calculus of hiring and investing," Cuban, a billionaire entrepreneur, told MSNBC on Wednesday.

Cuban said he did not previously have to consider whether a job candidate had a green card or dual citizenship in another country.

"Now I have to say to myself, OK, what is the ethnicity of this person? What about their parents? What about their relatives? That is bad for business across the board," Cuban said.

Major technology companies like Apple and Alphabet have slammed Trump's order and said they were taking steps to shield employees affected by it. Apple is also lobbying the White House to change the rule and is considering a legal challenge.

After initial confusion over whom the order affected, the Department of Homeland Security later said that admitting lawful permanent residents, or green card holders, is in the national interest.

Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank," which features Mark Cuban as a judge.